Study Guide

Objective

Having completed this study unit
• You understand the basic concepts of economics.
• You know the difference between micro and macroeconomics.
• You understand the fundamentals of microeconomics; supply and demand and the connection to market prices.
• You understand the basics of macroeconomics and know some of the key macroeconomic indicators.
• You are able to understand the connection between business and economics.
• You are able to write a report on the topic of economics


Competences: Financial Management and Business related Law Competence, Sustainable Development Competence

Content

- Microeconomics
- Supply and demand
- Markets and competition
- Macroeconomics
- National economy
- Inflation
- Labour markets
- Fiscal and Monetary policy
- Economics Growth
- International trade
- Reporting skills

Qualifications

NULL

Assessment criteria, satisfactory (1)

Level 1
Economics:
You know the difference between micro and macroeconomics and are able to identify key macroeconomic indicators.
You understand the circular flow of economy and are able to describe cause-and effect relations in economy.
You understand the main terms, indicators of economics and the connection between business and economics.

Level 2
Economics:
You understand the differences between micro and macroeconomics and the use of key macroeconomic indicators.
You understand the circular flow of economy and are able to describe and give examples of cause- and effect relations in economy.
You understand the main terms, indicators of economics and are able to create and describe a connection between business and economics.

Assessment criteria, good (3)

Level 3
Economics:
You know how to analyse cause and effect situations in relation to economics.
You are able to compile, and study reports related to national economy.
You are able to justify why economical changes are relevant to business.

Level 4
Economics:
You know how to analyse, describe cause and effect situations in relation to economics.
You are able to analyse reports related to national economy.
You are able to utilize and justify why economical changes are relevant in business and foresee some business opportunities based on the current economic situation.

Assessment criteria, excellent (5)

Level 5
Economics:
You are able to analyse the current national and global economic situation.
You are able to use both micro and macroeconomic information to create analysis of the current business environment.
You have excellent understanding of the connection between business and economics

Assessment criteria, approved/failed

PASS:
You are able to write a report on the topic of economics following the given instructions.